Thursday, September 9, 2010

Global Recovery Slowing: OECD

(Thomson Reuters)

Global recovery looks to be slowing more than expected as growth weakens in rich economies, and stimulus should be extended or stepped up if the slowdown endures, the OECD said on Thursday.

The Organization for Economic Co-operation and Development forecast growth across the G7 group of major economies to average an annualized 1.4 percent in the third quarter and 1.0% in the fourth, down from 3.2 and 2.5% in the first and second quarters respectively. [...]

For Canada, the OECD has sharply reduced its forecast for third quarter growth to 2.2% from its previous estimate of near 3.2% while the fourth quarter has been cut to 2.3% from 2.9%. That follows annualized growth of 5.8% and 2.0% in the first and second quarter of the year.

The OECD forecast annualized U.S. growth rates of 2.0 and 1.2% in the third and fourth quarters, after 1.6% in the second quarter and 3.7% in the first. Read more here.